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Etisalat Starts Legal Action Against Swan Telecom Promoters

By

Shereen El Gazzar

Updated Feb. 23, 2012 8:18 a.m. ET

DUBAI – Emirates Telecommunications Co., or Etisalat, said Thursday it has started legal action against the promoters of India's Swan Telecom, claiming its investment in the company was made without Swan representatives disclosing irregularities in the 2008 allocation of telecom licenses and radio bandwidth.

"The Emirates Telecommunications Corporation--Etisalat has issued proceedings in the Indian Courts against Mr. Balwa, M. Goenka and Majestic Infracon Pvt. Ltd. for fraud and misrepresentation," Etisalat said...